Playing the Lotto

I don't really like gambling, because structurally it preys upon the poor. Warren Buffett and Charlie Munger, who run Berkshire Hathaway, said something similar at their shareholders meeting in 2007. However....

When the Powerball gets above $147 million*, Jara and I will buy one ticket each. My justification is that the reward is then greater than the risk. Because the odds of winning are 1 in 146,107,962.

I need help with the math part. But if I simplify and say that I was getting odds that were 50/50, the price to enter was $1, and the prize was $2, then I shouldn't enter because it's a break-even proposition. Any prize over $2 should be taken from a mathematics perspective.

So what am I missing?
1) Is it that I didn't figure out the odds of someone else splitting the ticket prize with me?
2) Is it that I didn't figure that the immediate cash value is less than half of the stated prize, because the prize is structured as an annuity over 30 years?

*Actually I thought the odds were closer to 175M to 1, so that was our historical target for buying a lotto ticket.